Goldman Sachs Asset Management Private Real Estate announced today that it has acquired Retreat at Shadow Creek Ranch, a 370-unit multifamily property  located in the Pearland submarket of Houston, TX.

Built in 2013, Retreat at Shadow Creek Ranch is a garden-style community located immediately off of Texas State Highway 288, offering direct access to the Texas Medical Center (the largest medical complex in the world) and Downtown Houston. Residents also benefit from spacious floorplans, modern community amenities, strong public schools and close proximity to retail offerings.

GSAM PRE plans to improve the Property through a unit renovation program that will include upgrading kitchen and bathroom sinks, lighting and countertops. GSAM PRE also intends to make common area improvements throughout the Property.

“We are excited about this multifamily asset in Houston, which ranks among the top US markets in terms of absolute and relative population growth, and Pearland is one of the fastest-growing cities in the Houston metropolitan area. The 20-34 year-old cohort is expanding rapidly within this market, and we believe the Property will be attractive to tenants in that demographic,” said Joseph Gorin, Co-Head of GSAM PRE.

About Goldman Sachs Asset Management Private Real Estate

Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across all major property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, often partnering with operators or property managers to renovate and rebrand assets, including by implementing energy and operating efficiency programs to potentially realize cost savings. The group manages $2.7 billion of real estate assets as of December 31, 2018 and is part of GSAM, one of the world’s leading investment managers